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Drilling Update at the Chinarevskoye Field
Drilling Update at the Chinarevskoye Field.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \nLondon, 21 August 2023\n \nDrilling Update at the Chinarevskoye Field\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, announces that the Nostrum Board of Directors has approved a limited-scale drilling programme for the Chinarevskoye field.\n \nAs was previously communicated, the Company stopped the drilling activities in the field in early 2020 as it entered into the process which resulted in its financial restructuring, however it continued evaluating further exploration and production opportunities through subsurface studies, updating its geologic and reservoir models. Completion of this work and re-processing of the 3D seismic has allowed the Company to formulate a limited-scale two-well drilling programme to be executed over 2023-2024, which is in line with the commitments of the Company's subsidiary Zhaikmunai LLP under the analysis of the Field Development Plan and obligations under its production sharing agreement for the field. The programme will leverage existing wellbores to reduce costs and carries a level of uncertainties and risks as the planned subsurface targets contain multiple exploration, appraisal, and development objectives. \nThe total cost of the programme is estimated at around US$26 million.\n \nFurther information\nFor further information please visit www.nog.co.uk\n \nFurther enquiries\nNostrum Oil & Gas PLC \nUlugbek Makhmadiyarov\[email protected] \n \nInstinctif Partners - UK &nb...